LONDON (Alliance News) - Patisserie Holdings PLC said Thursday that Non-Executive Director and Deputy Chair Lee Ginsberg resigned with immediate effect to focus on other business interests.
Ginsberg is the latest of Patisserie's board members to leave the business since October, when the company discover a GBP20 million black hole in its accounts leading to the suspension from trading of its shares.
Shares last traded at 429.50 pence in October.
On Monday, non-executive director James Horler resigned with immediate effect. While, in October chief financial officer Chris Marsh was arrested and the released on bail following the fraudulent activity discovery. He resigned from his role at the company shortly after.
Furthermore, in November, Patisserie's chief executive officer Paul May also resigned.
On Wednesday, the struggling cake and pastry seller said that work by forensic accountants has uncovered significant manipulation of the company's accounts and its profitability is significantly below prior guidance.
Work carried out by Patissersie's forensic accountants since October has found that the accounting misstatement was "extensive" and involved "very significant manipulation of the balance sheet and profit and loss accounts".
The firm owns cafe and hand-made cake seller Patisserie Valerie.